El Condor amends financing terms

TSXV: LCOUS Symbol: ECNRF

/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/

VANCOUVER, Jan. 31, 2013 /CNW/ - El Condor Minerals announces that it
has amended the terms of its previously announced $2,000,000
financing. Under the amended terms, $400,000 of the financing will be
by way of a convertible loan and $866,500 will be advanced under a
non-convertible loan. Each of the two concurrent loans are for a term
of five years, bear interest at a rate of 5% per annum, payable
quarterly, and will be secured against the assets of the Company. In
addition, the Company will complete a non-brokered private placement of
14,670,000 common shares at a price of $0.05 per common share for gross
proceeds of $733,500. The proceeds from the financing will be used to
retire the Company's current $2,000,000 debt.

All or a portion of the principal amount of the convertible loan will be
convertible for common shares in the Company at the price of $0.10 per
common share, in whole or in part at the lender's option, at any time
during the 5-year term. However should the 20-day average trading
price of the common shares of the Company on the TSX Venture Exchange
(the "Exchange") exceed $1.00, the lender will be obliged to convert
the outstanding loan principal to common shares of the Company at the
price of $0.10 per share. Both of the loans also include a demand
provision whereby the lenders can demand repayment at any time after
the second anniversary of closing upon 120 days notice duly given to
the Company.

Closing of the financing is subject to a number of conditions, including
receipt of all necessary corporate and regulatory approvals. All
securities issued in connection with the financing will be subject to a
statutory hold period of four months plus one day from the date of
issuance in accordance with applicable securities legislation. The
Company may pay finder's fees on a portion of the financing, subject to
Exchange approval.

About El Condor Minerals Inc.

El Condor Minerals Inc. is currently developing the Horden Lake Cu-Ni
Project, an advanced exploration stage copper-nickel deposit in Quebec.
Horden Lake is a NI 43-101 compliant resource calculated effective
April 2009 using the Ordinary Kriging method and a 0.5% copper cut-off,
with 8,759,200 Indicated Tonnes at 0.88% Cu and 0.21% Ni and 7,791,195
Inferred Tonnes at 0.87% Cu and 0.25% Ni. The resource is unbounded at
depth as well as along both its northeasterly and southwesterly strike
extensions, where historic drilling by INCO continues to intersect the
mineralization.

Additional information on El Condor, its properties and its exploration
and development activities is available at the Company's website: www.elcondorminerals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Leigh W. Freeman"

President & CEO

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to a U.S. Person unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or that
events or conditions "will", "would", "may", "could" or "should"
occur. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date such
statements were made. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.